South Korean cryptocurrency exchange Korbit has barred non-citizens from depositing local currency – the Korean won – on its platform.
As part of that shift, foreign nationals will no longer be able to deposit funds to their accounts.
The firm said:
Korbit added that foreigners will not be allowed to deposit Korean won "at any domestic cryptocurrency exchanges" when the new system is implemented.
The proposal essentially strengthens know-your-customer (KYC) rules already in existence for exchanges and banks, and will require cryptocurrency exchange users to connect a bank account with identifying information in order to deposit or withdraw funds.
Editor's Note: Some of the statements in this report have been translated from Korean.
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